Marketing and the Organisation - Chapter 1 Flashcards
Competitive advantage
the achievement of superior performance through differentiation to provide superior customer value or by managing to achieve lowest delivered cost
customer satisfaction
the fulfilment of customers requirements or needs
customer value
perceived benefits minus perceived sacrfice
effectiveness
doing the right thing, making the correct strategic choice
efficiency
a way of managing business processes to a high standard, usually concerned with cost reduction, also called ;doing the right thing’
exchange
act or process of receiving something from someone by giving something in return
marketing concept
the achievement of corporate goals through meeting and exceeding customer needs better than competeition
marketing mix
framework for the tactical management of the customer relationship, including product, price, promotion and place ; in the case of services, process, physical evidence, and people are taken into account.
market orientation
companies with a market orientation focus on customer needs as the primary drivers of organisational performance
place
distribution channels to be used, outlet locations, methods of transportation
price
- the amount of money paid for a product 2. agreed value placed on the exchange by buyer and seller
product
a good or service offered or performed by an organisation or individual, which is capable of satisfying customer needs
production orientation
a business approach that is inwardly focused either on costs or on a definition of a company in terms of its production facilities
promotional mix
advertising, personal selling, sales promotions, public relations, direct marketing, and internet and online promotion
